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Thursday, December 27, 2012

Banks in India

savings banks in India India has a well developed banking system. Most of the banks in India were founded by Indian entrepreneurs and visionaries in the pre-independence era to provide pecuniary assistance to traders, agriculturists and budding Indian industrialists. The origin of banking in India whoremaster be traced back to the last decades of the 18th century. The General patois of India and the strand of Hindustan, which started in 1786 were the first banks in India. Both the banks be now defunct. The oldest bank in institution in India at the moment is the State brim of India. The State Bank of India came into existence in 1806. At that time it was known as the Bank of Calcutta. SBI is presently the largest technical bank in the country. The role of rally banking in India is looked by the Reserve Bank of India, which in 1935 officially took over these responsibilities from the then Imperial Bank of India. Reserve Bank was nationalized in 1947 and was given broader powers. In 1969, 14 largest commercial banks were nationalized followed by six next largest in 1980. But with adoption of economical liberalization in 1991, private banking was again allowed. The commercial banking body structure in India consists of: rolld Commercial Banks and Unscheduled Banks. Scheduled commercial Banks constitute those banks, which rush been included in the Second Schedule of Reserve Bank of India (RBI) Act, 1934. RBI includes only those banks in this schedule, which indulge the criteria laid down vide section 42 (6) (a) of the Act. Indian banks whoremaster be broadly classified into public sector banks (those banks in which the Government of India holds a stake), private banks (government doe not have a stake in these banks; they may be publically listed and traded on stock exchanges) and foreign banks. Bank Fixed Deposits Bank Fixed Deposits are also known as experimental condition Deposits. In a Fixed Deposit Account, a indisputable sum of money is deposited in the bank for a contract time period with a fixed... If you want to get a full essay, order it on our website: Orderessay